EUR/USD gives back some early gains as US-China trade relations improve

• EUR/USD surrenders some of its initial gains as the US Dollar bounces back due to an improvement in US-China trade relations.
• Beijing has rolled back non-tariff measures on 45 US entities.
• The EU is prepared with countermeasures if trade talks with the US fail.

rises above 1.1200 on Thursday. However, the near-term outlook of the pair is still uncertain as the 20-day Exponential Moving Average (EMA) is acting as a key barrier around 1.1210.

The 14-period Relative Strength Index (RSI) recovers strongly to 50.00 after sliding to near 40.00, suggesting indecisiveness among traders.

Looking up, the April 28 high of 1.1425 will be the major resistance for the pair. Conversely, the psychological level of 1.1000 will be a key support for the Euro bulls.